Revenue Secretary Sanjay Malhotra appointed as 26th RBI Governor, to succeed Shaktikanta Das

Revenue Secretary Sanjay Malhotra has been appointed as the next Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concludes on Tuesday, December 10, 2024, reported PTI citing people familiar with the matter.

"The Appointments Committee of the Cabinet has appointed Revenue Secretary Sanjay Malhotra, IAS (RJ: 1990), Secretary, Department of Revenue as the next Governor of the Reserve Bank of India for a three-year term from 11.12.2024," a notification from Department of Personnel & Training (DoPT) read.

Who is Sanjay Malhotra, the next RBI governor?

A 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre, Sanjay Malhotra brings vast administrative experience across various sectors including finance, taxation, power, and information technology. He is currently serving as Revenue Secretary in the ministry of finance, where he has played a crucial role in policy formulation for direct and indirect taxes.

An engineering graduate in computer science from the Indian Institute of Technology (IIT), Kanpur, Malhotra also holds a Master’s degree in Public Policy from Princeton University, USA.

Malhotra’s appointment as the 26th Governor of the RBI comes at a critical time for the Indian economy, with inflation control, monetary policy management, and financial stability remaining key priorities for the central bank.

Shaktikanta Das took charge as RBI chief on December 12, 2018, following the abrupt resignation of Urjit Patel. Das is widely credited for steering the central bank through challenges including the Covid-19 pandemic and global economic uncertainties.

A retired IAS officer and former secretary of the Department of Revenue and Department of Economic Affairs, Das had also served as a member of the 15th Finance Commission and as India’s G20 Sherpa before taking over at the RBI. During his tenure at the ministry of finance, he was associated with the preparation of eight Union Budgets. He has represented India in global fora such as the IMF, G20, BRICS, and SAARC, and has served as India’s Alternate Governor in the World Bank, Asian Development Bank (ADB), and other multilateral institutions.